A monopolist is facing the market demand, P = = 10 - Q. Which of the following statements is incorrect? A)Marginal revenue is given by MR = 10 - 2Q. B)At P = 8, the market demand is elastic. C) Total profit is maximized at Q = 5. D)Total revenue is given by TR = Q(10-Q).
A monopolist is facing the market demand, P = = 10 - Q. Which of the following statements is incorrect? A)Marginal revenue is given by MR = 10 - 2Q. B)At P = 8, the market demand is elastic. C) Total profit is maximized at Q = 5. D)Total revenue is given by TR = Q(10-Q).
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Give explanation of the correct option and explanation of the incorrect options.
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![A monopolist is facing the market demand, P = 10 - Q.
Which of the following statements is incorrect?
A)Marginal revenue is given by MR = 10 - 2Q.
B)At P = 8, the market demand is elastic.
C)Total profit is maximized at Q = 5.
D)Total revenue is given by TR = Q(10-Q).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe329596d-6136-4c84-9c65-20bb934bf773%2Fb60c9e89-cdaf-4565-aa2e-38df2b1f77e7%2Fc9uekqn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A monopolist is facing the market demand, P = 10 - Q.
Which of the following statements is incorrect?
A)Marginal revenue is given by MR = 10 - 2Q.
B)At P = 8, the market demand is elastic.
C)Total profit is maximized at Q = 5.
D)Total revenue is given by TR = Q(10-Q).
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